by Karthik K | Sep 20, 2019
Buyout is the procurement phase of a project. During this phase, the work estimate is finalized, subcontractors are qualified, and subcontracts and purchase orders are negotiated, issued, and executed. A successful buyout results in the accurate projection of...
by Karthik K | Sep 20, 2019
The buyout period occurs after EMJ has been awarded the contract or identified as the apparent low bidder and before subcontracts are awarded. The following activities (with responsible party noted) are performed during the buyout period: Prepare for buyout: Review...
by Karthik K | Sep 20, 2019
Complete the subcontracts:Execute subcontracts and purchase orders. (VPPC)Obtain contract security. (PCM)Work through final contract comments and issues. (PCM)IIf the subcontractor insists on revisions to the Subcontract, get with Legal to draft an appropriate Rider....
by Karthik K | Sep 20, 2019
Before writing subcontracts or purchase orders, provide the Accounting Department with up-to-date Entity Information Sheets and W9 (see the Viewpoint Manual) for all vendors not in Viewpoint. The Precon Manager and Project Manager enter all information on the Project...
by Karthik K | Sep 20, 2019
Subcontractor Default Insurance (SDI) is a comprehensive insurance policy maintained by EMJ in partnership with a carrier and broker. SDI pays for costs and damages associated with a subcontractor or supplier default that are not recoverable from the defaulting...
